Global Grain Reserves “Extremely Low,” Will Be Depleted For Years, Warns Top Fertilizer Boss
Snarled supply chains, adverse weather conditions in top growing areas, and conflict in Ukraine have wreaked havoc on the world’s agricultural system. The latest sign of an emerging food crisis is comments from a top US fertilizer company that warns it could take two to three years for farmers to resupply the world’s grain stockpiles.
“Global grains stocks remain extremely low, an issue that has become amplified because of Russia’s invasion of Ukraine.
“We think it will take at least 2-3 years to replenish global grains stocks,” Illinois-based CF Industries Holdings Inc.’s president and chief executive officer Tony Will said in a statement in Wednesday’s earnings report.
Over the years, Ukraine has earned the nickname “breadbasket of Europe” for its rich dark soil, vast wheat fields, and other farm goods. The Russian invasion has cut off the world from cheap and abundant farm goods.
Both Ukraine and Russia account for more than a quarter of the global wheat trade, about a fifth of corn, and 12% of all calories traded globally. – READ MORE
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